BUENOS AIRES, Dec 27 (Reuters) - Argentina’s BYMA stock exchange said on Wednesday it will move to an auction format for trading in some of its least-liquid shares, with the aim of avoiding abrupt changes in price, in response to a request from the country’s securities regulator.
Shares in 31 companies will trade three times a day to “contain volatility,” the exchange said in a statement. There will be a morning session that lasts 90 minutes, a midday session that lasts one hour, and a closing session that lasts a half hour.
Companies to be included in the new regime include bank Banco Santander Rio SA, electricity distributor Edesur , Petrolera del Conosur SA - a subsidiary of Venezuela’s state oil company PDVSA - and confectioner Havanna Holding SA, whose shares debuted last year. (Reporting by Jorge Otaola; Writing by Luc Cohen, Editing by Rosalba O’Brien)